Jet2 invests in sustainable fuel plant as airlines seek to meet 2030 targets
Jet2 (JET2.L), a British company, announced that it had invested in a Sustainable Aviation Fuel production plant (SAF) in northern England. Airlines are scrambling to secure green fuel supplies ahead of the 2030 deadline.
Low-cost carrier announced on Thursday it would be making a major investment in Fulcrum NorthPoint, which is being developed by Fulcrum BioEnergy. However, the company declined to provide figures. The company said that production is expected to begin in 2027.
SAF is a technology that uses cooking oil to reduce emissions up to 80% when compared with fossil fuels. This will help airlines decarbonise their flights before the arrival of new electric and hydrogen powered options in 2035.
The EU announced binding SAF goals for European Airlines on Wednesday. Britain said that it would introduce a SAF mandat in 2025, requiring that at least 10% jet fuel be sustainable by 2030.
The Department for Transport in Britain has provided 165 million pounds ($205.46 millions) in grants for companies to build SAF plants.
Reuters reported that the company “continues to engage in extensive discussions with industry leaders about any barriers to investing in sustainable aviation fuels”.
Airlines and SAF producers are asking the government to act more quickly.
The big message was that we need to move faster, said Jonathon Councill, head of sustainability for IAG, owner of British Airways.
British Airways purchases SAF from Phillips 66 in central England.
Wizz Air, a Hungarian airline (WIZZ.L), announced this week that it would invest 5 million pounds into Firefly Biofuels in an agreement to provide SAF on UK flights starting in 2028.
SAF is less than 1% the jet fuel currently used. The cost of SAF is three times higher than regular jet fuel, when it’s made from waste oil. However, other versions that are made with green hydrogen may be more expensive.
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